Calgary man convicted in multimillion dollar Ponzi scheme sentenced to 10 years
Court sketch of Arnold Breitkreutz. (Damien Wood/CTV Calgary)
A Calgary man who bilked his clients out of millions of dollars in a Ponzi scheme has been sentenced to 10 years in prison for what the judge called a deliberate and large-scale fraud.
Arnold Breitkreutz was convicted in June of fraud over five thousand dollars for what the Crown described as a multimillion-dollar scheme in which investors believed they were putting money into safe first mortgages.
Court heard the money from his company, Base Financial, was instead loaned to an oil-and-gas promoter and used in a risky oil play in Texas that secured against oil-and-gas leases and equipment.
The Crown had recommended a sentence of between 10 and 12 years to send a message to others who might try a similar scheme.
Justice Colin Feasby says Breitkreutz's crime violated the trust of many of his clients, who felt a profound sense of betrayal.
He also ordered Breitkreutz to pay $3.1 million in restitution.
This report by The Canadian Press was first published August 19, 2022.
CTVNews.ca Top Stories
Harvey Weinstein's 2020 rape conviction overturned by N.Y. appeals court
New York's highest court on Thursday overturned Harvey Weinstein's 2020 rape conviction, reversing a landmark ruling of the #MeToo era in determining the trial judge improperly allowed women to testify about allegations against the ex-movie mogul that weren't part of the case.
BREAKING
BREAKING Honda to get up to $5B in govt help for EV battery, assembly plants
Honda is set to build an electric vehicle battery plant next to its Alliston, Ont., assembly plant, which it is retooling to produce fully electric vehicles, all part of a $15-billion project that is expected to include up to $5 billion in public money.
MPP Sarah Jama asked to leave Ontario legislature for wearing keffiyeh
MPP Sarah Jama was asked to leave the Legislative Assembly of Ontario by House Speaker Ted Arnott on Thursday for wearing a keffiyeh, a garment that is banned at Queen’s Park.
CTE: Researchers believe widespread brain injury may contribute to veteran suicide rate
Researchers are working to better understand if some Canadian military veterans may be suffering from Chronic Traumatic Encephalopathy, also known as CTE -- a disorder previously found in the brains of professional football and hockey players after their death.
1 arrested in northern Alberta during public shelter order
Residents of John D'Or Prairie, a community on the Little Red River Cree Nation in northern Alberta, were told to take shelter Thursday morning during a police operation.
Secret $70M Lotto Max winners break their silence
During a special winner celebration near their hometown, Doug and Enid shared the story of how they discovered they were holding a Lotto Max ticket worth $70 million and how they kept this huge secret for so long.
Remains from a mother-daughter cold case were found nearly 24 years later, after a deathbed confession from the suspect
A West Virginia father is getting some sense of closure after authorities found the remains of his young daughter and her mother following a deathbed confession from the man believed to have fatally shot them nearly two decades ago.
New deep-water channel allows first ship to pass Key bridge wreckage in Baltimore
The first cargo ship passed through a newly opened deep-water channel in Baltimore on Thursday after being stuck in the harbor since the Francis Scott Key Bridge collapsed four weeks ago, halting most maritime traffic through the city's port.
First in Canada procedure performed at London, Ont. hospital
A London man has become the first person in Canada to receive a robotic assisted surgery on his spine. Dave Myeh suffered from debilitating, chronic back pain that led to sciatica in his right now and extreme pain in his lower back.
Shopping Trends
The Shopping Trends team is independent of the journalists at CTV News. We may earn a commission when you use our links to shop. Read about us.
Edmonton
-
174 inmates removed from northern Alberta jail because of nearby wildfire
Dozens of inmates were transported from a northern Alberta correctional centre earlier this week because of a wildfire.
-
Alberta communities plead for more provincial firefighting help
Some Alberta municipalities say the province has been slow to react to calls for more firefighting support and a long-term plan to better protect communities outside the Forest Protection Area (FPA).
-
82 animals seized from Alberta rural property during police investigation
Southern Alberta RCMP have charged a 44-year-old man in connection with an investigaton that saw 82 animals in distress seized from a home in Mountain View Country, north of Calgary.
Lethbridge
-
Fire risk for southern Alberta high: Natural Resources Canada
It’s not even May 1 and the fire risk for southern Alberta is already alarming.
-
Lethbridge’s Whoop-Up Days accepting applications to be in 2024 parade
Whoop-Up Days is still four months away, but applications to be in this year’s parade are now open.
-
Lethbridge added 28 physicians over the past year, AHS continues search for more
Lethbridge has added 28 physicians over the past year, according to a quarterly report published by the College of Physicians and Surgeons of Alberta.
Vancouver
-
Life sentence, no parole for 14 years for man convicted of murder in New Westminster stabbing
A man convicted of second-degree murder for a fatal stabbing in New Westminster has been handed a life sentence with no parole eligibility for 14 years, homicide investigators announced Thursday.
-
Ryan Reynolds' Wrexham AFC to play Vancouver Whitecaps in July
Wrexham AFC, co-owned by Canadian actor and Vancouver native Ryan Reynolds, is set to play Major League Soccer's Vancouver Whitecaps on July 27 at BC Place Stadium.
-
Dog's pool damage leads to neighbour being ordered to pay $620: B.C. tribunal
A West Kelowna woman is being ordered by B.C.'s small claims tribunal to pay more than $600 after her son's dog damaged the neighbour's pool.
Vancouver Island
-
RCMP confirms 2 bodies found in U.S. are missing B.C. kayakers
Mounties on Vancouver Island have confirmed that two bodies recovered by United States authorities earlier this week are those of a pair of missing kayakers from British Columbia.
-
'It was instant karma': Viral video captures failed theft attempt in Nanaimo, B.C.
Mounties in Nanaimo, B.C., say two late-night revellers are lucky their allegedly drunken antics weren't reported to police after security cameras captured the men trying to steal a heavy sign from a downtown business.
-
Woman who killed Reena Virk calls new TV series disrespectful to victim
The B.C. woman convicted of killing Reena Virk described the TV series dramatizing the notorious 1997 murder as disrespectful to the victim and her family.
Saskatoon
-
Former Saskatchewan RCMP officer faces manslaughter sentence for lover’s death
A sentencing hearing has started for a former Saskatchewan Mountie who shot and killed his lover.
-
Sask. woman fights to find out who had her apprehended for a psych. assessment
A Saskatchewan woman who was taken for an involuntary mental health assessment is entitled to find out who had her committed, a provincial court judge has ruled.
-
'American style politics': Sask. Party's mass video text a risky way to grab support, experts say
Many Saskatchewan residents have been receiving unsolicited political text messages of the Sask. Party taking aim at the Saskatchewan NDP and their leader Carla Beck. Media experts say texting can be an effective campaign tool, but parties run the risk of annoying some voters.
Regina
-
'Not a village': Speed limit to remain 50 km/h in Regina's Cathedral area for now
The City of Regina has decided to not reduce speed limits in the Cathedral area for the time being.
-
'American style politics': Sask. Party's mass video text a risky way to grab support, experts say
Many Saskatchewan residents have been receiving unsolicited political text messages of the Sask. Party taking aim at the Saskatchewan NDP and their leader Carla Beck. Media experts say texting can be an effective campaign tool, but parties run the risk of annoying some voters.
-
Monthly earnings rise, payroll employment falls: jobs report
The number of vacant jobs in Canada increased in February, while monthly payroll employment decreased in food services, manufacturing, and retail trade, among other sectors.
Toronto
-
BREAKINGBREAKING Honda to get up to $5B in govt help for EV battery, assembly plants
Honda is set to build an electric vehicle battery plant next to its Alliston, Ont., assembly plant, which it is retooling to produce fully electric vehicles, all part of a $15-billion project that is expected to include up to $5 billion in public money.
-
MPP Sarah Jama asked to leave Ontario legislature for wearing keffiyeh
MPP Sarah Jama was asked to leave the Legislative Assembly of Ontario by House Speaker Ted Arnott on Thursday for wearing a keffiyeh, a garment that is banned at Queen’s Park.
-
Man dead after reported push from downtown balcony: Toronto police
Toronto police say the homicide unit is investigating after a man was reportedly pushed to his death from a balcony downtown late Wednesday night.
Montreal
-
'There's really no justice': Quebec mother, daughter speak out after man gets house arrest for years of abuse
A mother and daughter are speaking out after a Quebec man was sentenced to house arrest for years of domestic abuse. They were both physically assaulted by the mother's ex-partner and say the offender got off with another light sentence.
-
Former Montreal baseball coach accused of sex assault on minor loses bid to throw out case
The trial of a West Island baseball coach accused of sexually abusing a minor will proceed after the case was almost thrown out due to unreasonable delays.
-
Quebec premier justifies opening Tel Aviv office, saying responsibility is on both sides in Israel-Gaza conflict
'We're not here to judge governments,' Quebec Premier Francois Legault said when asked about the opening of a Quebec office in Tel Aviv, Israel, as conflict rages in the Gaza Strip.
Atlantic
-
Moncton-area woman charged with human trafficking, three people rescued
New Brunswick RCMP says officers rescued three people from alleged human trafficking in Moncton, arresting an 18-year-old woman in the process.
-
A community in mourning: 16-year-old Halifax murder victim remembered
Community members gathered at a Bedford, N.S., mosque for Ahmad Al Marrach — a 16-year-old murder victim — for his funeral on Wednesday.
-
Australian paramedics coming to Nova Scotia this year
Thirty new paramedics are coming to Nova Scotia from the land down under in the next year.
Winnipeg
-
LIVE NOWLIVE NOW Manitoba RCMP to make announcement on double homicide
The Manitoba RCMP is set to make an announcement on Thursday regarding a double homicide in the province.
-
Jury selection begins for Winnipeg trial of man accused of killing four women
Jury selection is set to start today for the trial of a Winnipeg man accused of killing four women.
-
'We are not here for tree preservation': Development company appealing latest decision with Lemay Forest
A new fight is gearing up at city hall over Lemay Forest.
Ottawa
-
He got his stolen vehicle back, but even after repairs, it won't sell
It's another headache for drivers who have a vehicle stolen, what to do if they want to sell after their stolen vehicle was damaged and then recovered.
-
Petawawa Theatre prepares to reopen May 17
Many thought they had seen the final curtain call at Troyes Cinema, located on Garrison Petawawa, when the movie theatre closed in 2022.
-
State and Main launches campaign to support Dress for Success Ottawa
State and Main is getting ready to celebrate Mother’s Day through its third annual For Mom, For Women campaign this May.
Northern Ontario
-
Secret $70M Lotto Max winners break their silence
During a special winner celebration near their hometown, Doug and Enid shared the story of how they discovered they were holding a Lotto Max ticket worth $70 million and how they kept this huge secret for so long.
-
Harvey Weinstein's 2020 rape conviction overturned by N.Y. appeals court
New York's highest court on Thursday overturned Harvey Weinstein's 2020 rape conviction, reversing a landmark ruling of the #MeToo era in determining the trial judge improperly allowed women to testify about allegations against the ex-movie mogul that weren't part of the case.
-
BREAKING
BREAKING One person killed in Highway 101 crash near Kidd Creek Met site
A serious crash involving two vehicles has left one person dead and Highway 101 closed in the Timmins area since 1 a.m., police say.
Barrie
-
Kempenfest announces its most impressive lineup yet for its 52nd year
A popular summer festival on the Barrie waterfront is returning for its 52nd year, with one of the most impressive lineups yet.
-
Secret $70M Lotto Max winners break their silence
During a special winner celebration near their hometown, Doug and Enid shared the story of how they discovered they were holding a Lotto Max ticket worth $70 million and how they kept this huge secret for so long.
-
Man accused of stealing a vehicle from a local buisness
A man faces charges after police allege the suspect stole a vehicle from a business in Meaford.
Kitchener
-
Four people displaced by fire at Waterloo home
Three dogs died in the blaze.
-
Ont. teacher says she's being forced to switch pharmacies to maintain medication coverage
A Waterloo, Ont. teacher says she’s frustrated after learning the arthritis medication she depends on is no longer covered under her benefits plan and she'll have to switch pharmacies to avoid paying out of pocket.
-
Air ambulance needed for serious crash on King Street in Kitchener
A Waterloo man needed to be taken away by air ambulance following a crash on King Street.
London
-
First in Canada procedure performed at London, Ont. hospital
A London man has become the first person in Canada to receive a robotic assisted surgery on his spine. Dave Myeh suffered from debilitating, chronic back pain that led to sciatica in his right now and extreme pain in his lower back.
-
One person suffered burns to their hands after trailer fire
Damage is estimated at $50,000 after a trailer parked in a St. Thomas driveway caught fire. Around 8:30 a.m. Thursday, first responders received multiple 911 calls reporting a large plume of smoke and flames from a camping trailer.
-
Windsor
-
Rare snake habitat on Pelee Island to be restored
A snake habitat on Pelee Island will be restored. Through a multi-partner collaboration, conservation work on Pelee Island will continue through 2026.
-
15-year-old girl missing for over a week
Chatham-Kent police are asking for the public’s help locating a 15-year-old girl, who has been missing over a week.
-
Arrests made after 911 hang-up call in Chatham
A 911 hang-up call has led to the arrest of two people in Chatham-Kent. Just after 6:30 a.m. on Wednesday, officers responded to an address on Bloomfield Road for the hang-up call.
